Estimated reading time: 7 minutes
You have probably heard of myths and misconceptions surrounding the FRM course. They have been around for many years and, chances are, will continue to live on for years to come.
No one can really tell where they all came from, but one thing for sure is they came right from somewhere for reasons unknown to the public.
Truth be told, they can be extremely misleading. In fact, they have been. Is it not amazing how they have en-rooted themselves in the minds of people? Unfortunately, many people are even accepting these falsehoods as truths.
This article is going to look at each of the details and try to shed some light on the matter.
1. The market is flooded
In past years, this myth has made rounds so much around the globe. People have the mentality that the competition is now much higher than ever before.
Truly, many people have their respective today and the economic law of demand and supply also applies in the labor market.
However, it doesn’t mean that it becomes harder for you to get a job since others have completed this course. It’s all about what you can do with your qualification that is different from other people.
You have to stand out from all other certificate holders.
2. Professionals don’t need further studies
It doesn’t hold water to say that the risk manager title wouldn’t help you in your current job or future prospects. Some have started viewing these professional certifications as a waste of time and money.
Generally speaking, this course will cost quite a bit, especially when you consider external aid to help you pass your examinations.
Yes, you might complete the course, and when you get a job, the return on investment is not that impressive as per your expectations.
You may also fail to get promotions to the higher company ranks at the pace you had anticipated. However, you must always remember that if you don’t show effort and creativity you simply won’t advance career-wise.
Professionals also need these certifications to sharpen their skills and expertise. Top CEOs go back to school to get their designations while they’re still working because learning never ends!
3. Lack of personal sense
People who believe that the program won’t a plus to personality development are always greatly mistaken. This, as your studies aren’t just chances for you to duplicate content in exams.
There is so much more to pushing yourself than to simply get this recognition.
This challenge provides learners with opportunities to gather confidence, change their ways of thinking, improve communication skills, and manage time and money.
You will also learn about professionalism, discipline, and other skills. This is apart from the primary objective of the dissemination of knowledge. After completing your course, you will walk out a totally different person.
4. Jobs get easier
This is a very harmful myth that renders past candidates increasingly unproductive in their places of work.
They tend to think that after having the risk manager endorsement, they can get back to their comfort zones at work. This is far from the truth!
After completion, you will be more qualified for your job and other prospective jobs compared to many other job seekers who would have only completed their first degree or diploma.
As a result of this, a lot will be expected of you in any company. GARP’s program will equip you with great risk analysis and management skills which are very relevant in the financial world today.
Talented risk managers are in high demand and you therefore cannot afford to be caught sleeping on the job. Take action and climb the professional ranks with vigor!
5. Massive paycheck upgrades
Most companies will consider paying more for your services compared to other employees without their designation. However, it is not necessarily true that you will get a sudden massive increment in your salary all at once.
The upgrades actually may be small but may be altered with time such that the deviation from the initial pay may be large after some years.
The upgrades will typically reflect on your performance results which arise from your dedication and commitment. But, at least with the Financial Risk Manager title, you stand a better chance of getting better compensation.
6. Getting dream positions
This might hold true for some situations, but you will often have to “wait your turn”. Yes, the FRM title will help you achieve a higher professional level, but you will still need patience to get there.
There are scenarios where your dream position is highly competitive and there is a large talent pool to select from.
As a result, it will take you longer to prove yourself and assume the mantle. So, you might want to lower your expectations (just a bit) until you get the opportunity.
7. Gain intellectual credibility
Most people tend to relate academic qualifications with brilliant minds. In this life, that is not always the reality. Being smart in a classroom doesn’t mean you are ‘street smart’ or brilliant in the boardroom.
Even risk management professionals can experience blunders in their lives because…it is only human to make mistakes, right?
8. The environment is only for males
This myth is so outdated it’s not even funny. In past decades, there has been improved access to education to the female population over the globe.
In fact, in some workplaces, incentives have been put in place to encourage more female applicants. These may include scholarships after attaining some specific qualification.
Times have changed and we now have a countless number of female certificate holders who manage multinational corporations at the highest levels.
9. Expensive means more prestigious
This is very fallacious. You might be shocked to find out that your teaching aid is expensive simply due to branding and not because of the quality being offered.
This is a similar myth in economics that high quality attracts high prices. It does not necessarily have to be like that. A prestigious program should be one that gives value for money paid while minding the customers’ pockets.
10. It’s just too expensive
Professional certifications are generally considered costly but it depends on the angle at which you look at it.
If someone is prepared to spend an equivalent amount meant their education on luxuries, then how can we conclude that this effort is expensive?
Compare it to the cost of a single new cellphone or that large-screen television and this becomes a lot clearer. With a bit of focus and saving, anyone can afford GARP’s course if they really want to achieve it.
11. Online will always be easier
You might have heard this but online programs can be just as tough as those that are physically based. The only difference is the setting and timing. You don’t have to go to class; you can work at home or at your office.
You can decide even when to listen to online lectures. But the workload is still the same.
12. Online help is not credible
Due to the hassles of this world, people need to think that anything that comes easy is hard to be trusted. This is not necessarily true.
Online help can be just as difficult and fulfilling as anything else out there. Some of the best and toughest training can be had online!
There are online offerings that have many years of experience and all this can be offered to you in a digital format for your ease.
13. It must be done right after undergrad studies
Nope. Many have worked for years before going after their designation. It may be a monetary issue or even a personal choice. Some people may just need a break from studying to concentrate on family efforts.
There are simply many factors that can make it not happen in a particular way. After finishing your undergraduate studies, you may opt to earn then come back later to pay for tuition and external aid.
Some may only enroll when they have decided to advance professionally.
14. I have to be a certain age
You can never be too old or too young to learn. The purpose of the course is to sharpen your risk-related skills that you’ll need in the work environment.
Learning is a continuous process and it never ends. It doesn’t end at college or at a certain age. Age is just a number and you should never limit yourself.
15. You won’t have a fulfilling life
People lie to themselves that studying consumes precious time. It is about whether you have the discipline to prioritize and manage your time.
Professional programs train you exactly how to do that. You can still have fun, sleep, and enjoy life. Like everyone else, you have 24 hours; Plan for each hour wisely.
16. A single person can’t make an impact
You will get the opportunity to rub shoulders with top executives who have done this program also. Additionally, you get to share experiences and learn from each other.
Adding meaning to the lives of others can also happen during your program. Amazing experiences can be had…if you are enrolled in the course. The definition of ‘fulfilling’ certainly varies with individuals.
17 Graduates are bossy
Some do think that designation holders are greedy and that they only care about wealth and power.
The reality is that most holders who are in (or trying to get to) certain positions are required to carry themselves in a certain way.
Some may have behaved inappropriately but that shouldn’t shape your view of the world because of a few bad eggs. Your personality should improve instead of regressing.
18. Holders are not free thinkers
Some do believe that professional certificate holders behave rigid due to the theories and principles they learn during the training process. This is far from the truth.
We must be mindful enough to realize that everyone is simply different and personalities vary widely across the board. Free thinking is a good quality for persons to have, inside and out of the workplace.
19. Business success is always assured
Having any professional title will never guarantee entrepreneurial success. Obviously, it does help to be qualified and knowledgeable but there are many ingredients to consider in this formula.
A title is a secondary part of the equation, provided you have other qualities such as openness, confidence, creativity, being imaginative, and having foresight.
As you probably already know, many of these myths and misconceptions have really tainted the name of FRM holders in around the world.
However, these title holders and employers generally can positively attest to the tremendous contribution that they have had internally and externally. We encourage you to aspire to advance professionally in your field.
Don’t hesitate to enroll for this challenge as many valuable opportunities are waiting. Study and work diligently until success becomes part of your daily vocabulary.
The QuestionBank Family